The Swiss National Bank (SNB) has rejected incorporating Bitcoin into its reserves, expressing serious concerns over potential volatility, lack of liquidity, and financial security. This comes just as the U.S. has announced plans for a strategic reserve that would include Bitcoin and other altcoins.
SNB President Martin Schlegel told local media company Tamedia that cryptocurrencies are "extremely volatile," making management difficult. At the same time, currency reserves "must be very liquid so that they can be used quickly." He added, "We’re not afraid of competition from cryptocurrencies."
Schlegel has run the country's Swiss National Bank (SNB) since late last year.
Switzerland has one of the world's highest levels of Bitcoin adoption. In December, a local think tank, 2B4CH, began pushing for a constitutional amendment to include Bitcoin in the country's national reserves. While countries like El Salvador and the U.S. have embraced Bitcoin, Switzerland remains cautious, prioritizing what it sees as financial stability over speculative assets.